FXStreet (Mumbai) - The New Zealand dollar extends its upbeat momentum versus its American rival in the mid-Asian session, with NZD/USD easing-off fresh two-week highs reached following the release of China manufacturing PMIs.
NZD/USD eyes set on 50-DMA
Currently, the NZD/USD pair trades 0.18% higher at 0.6410, having posted fresh two-week highs at 0.6424. The Kiwi is currently fading a spike to highs as markets digest the latest China’s manufacturing PMI reports, which showed a slight improvement in the country’s manufacturing sector activities.
The official China manufacturing gauge for September stood at 49.8 versus 49.7 while the Caixin PMI came at 47.2 in September versus 47.00 flash reading.
Adding further to the positive sentiment around the Kiwi, commodity prices have staged a solid comeback with the US oil rising +1.30% and copper jumping +1.20%. While major Asian indices are on a roll higher as risk-on trades dominate.
Meanwhile, markets now eye today’s US manufacturing data and Friday’s key labour market report for further cues on the pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6436 (50-DMA) levels and above which it could extend gains to 0.6459 (Sept 18 High) levels. To the downside immediate support might be located at 0.6388 (Today’s Low) below that 0.6332 (Sept 30 Low).
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